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Columbia ranked among Realtor.com top markets for 2020

Staff //December 12, 2019//

Columbia ranked among Realtor.com top markets for 2020

Staff //December 12, 2019//

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Affordable housing, “booming” new construction and relocation from all corners of the country has Columbia ranked fifth in Realtor.com’s Top 10 Markets for 2020.

The real estate website also cited the presence of state government, the University of South Carolina and other universities, Fort Jackson and proximity to Shaw Air Force Base as providing stable demand for housing in the capital city.

I think Columbia has gotten popular because of the cost of living,” said Brad Allen, co-owner and broker in charge at ART of Real Estate in Columbia. “We do a lot of business with northern buyers coming down. They’re trying to get out of the snow and the weather.”

Boise, Idaho topped Realtor.com’s list, while the Charleston/North Charleston market ranked ninth.

Allen said economic development is also enticing people to move to South Carolina. Some are relocating for jobs in the growing manufacturing and tech sectors, while others are bringing their businesses with them. They find the cost of living more reasonable than the places they’re leaving, Allen said.  

According to the website, the median home price in Columbia is $178,000. Allen said the same house is about $100,000 cheaper in Columbia than it is in Greenville.

George Ratiu, Realtor.com senior economist, said most of the people moving to Columbia are coming from Charlotte, Atlanta, New York and Washington, D.C. Data shows that 52% of people looking at properties in Columbia on the site are from outside South Carolina.

Ratiu said Columbia is among several southern markets on the list that offer a strong economy and an affordable cost of living.

“The housing affordability is very attractive,” he said. “It’s attractive to both millennials but also to baby boomers and retirees who may have built their careers and lived in places like New York or D.C. or Boston but are looking for somewhere with low cost of living, better lifestyle, better weather.”

The ratings also note the state‘s low property tax rates and lack of state taxation on Social Security retirement benefits as an appeal to potential residents.

The McAllen-Edinburg-Mission, Texas market ranked second on the list, followed by Tucson, Ariz., and Chattanooga, Tenn.

Realtor.com’s 2020 housing forecast predicts that home sales will increase 2.4%, with prices increasing 3.1%, on average year-over-year in the top 10 markets. Nationwide, the forecast predicts a 1.8% decrease in home sales and an 0.8% dip in prices.

Charlotte-Concord-Gastonia, N.C. ranked 41st, Augusta-Richmond County, Ga.-S.C. ranked 73rd, and Greenville-Anderson-Mauldin ranked 79th.

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